In a recent update, the World Bank has projected robust investment-driven growth for India in the fiscal year 2024 (FY24), forecasting an increase of 6.3%. The International Monetary Fund (IMF) has concurrently revised its FY24 growth forecast for India upwards by 0.2 percentage points to match the World Bank’s projection of 6.3%.
The World Bank’s Indermit Gill highlighted on Tuesday that South Asia is anticipated to outperform other developing regions worldwide, expecting the highest growth rate of 5.8% this year.
Despite these positive projections, Gill warned of significant threats that could undermine growth predictions for next year. These threats include escalating conflicts such as the Gaza war, persistent inflation, and financial instability. These risks were identified earlier in June this year.
While the potential impact of these global threats on India’s economic outlook remains uncertain, the upward revision of India’s FY24 growth forecast by both the World Bank and IMF signals a positive trend for the country’s economic trajectory.
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